EDA Resolution 2026-03 (Approve Renewed Pilates GMEF)EDA RESOLUTION NO.2026-03
RESOLUTION APPROVING A GREATER MONTICELLO
ENTERPRISE FUND LOAN TO RENEWED PILATES LLC AND
APPROVING CERTAIN LOAN DOCUMENTS IN CONNECTION
THEREWITH
BE IT RESOLVED BY the Board of Commissioners ("Board") of the City of Monticello
Economic Development Authority (the "Authority") as follows:
Section 1. Recitals.
1.01. The Authority administers its Greater Monticello Enterprise Fund revolving loan program
(the "Program") pursuant to its authority under Minnesota Statutes, Sections 469.090 to 469.1081, as
amended (the "EDA Act"), in order to assist businesses in the City of Monticello, Minnesota (the "City")
with financing certain economic development activities to meet the goals set forth in the guidelines approved
by the Authority for the Program (the "Guidelines").
1.02. Renewed Pilates, a Minnesota limited liability company (the "Borrower"), has requested
financial assistance from the Authority in connection with the costs related to the purchase of Pilates
equipment (the "Project") located at 101 Walnut Street, Suite #3 in the City (the "Property").
1.03. The Authority and the Borrower desire to enter into a loan agreement (the "Loan
Agreement") wherein the Authority agrees to make a loan pursuant to the Program and the Guidelines to the
Borrower in the maximum amount of $28,500 (the "Loan") to pay a portion of the costs of the Project. The
Loan will be evidenced by a promissory note from the Borrower to the Authority (the "Note") and secured by
a second position Security Agreement (the "Security Agreement") to be executed and delivered by the
Authority by the Borrower, and the Personal Guaranty of Cassie Mallinger (the "Personal Guaranty").
Section 2. Loan Documents Approved.
2.01. The Authority hereby approves the Loan Agreement, the Note, the Security Agreement,
and the Personal Guaranty in substantially the forms presented to the Board, including the business
subsidy agreement in the Loan Agreement, together with any related documents necessary in connection
therewith, including all documents, exhibits, certifications, or consents referenced in or attached to the
Loan Agreement, the Security Agreement, the Note and the Personal Guaranty (the "Loan Documents").
2.02. The Board hereby authorizes the President and Executive Director, in their discretion and
at such time, if any, as they may deem appropriate, to execute the Loan Documents on behalf of the
Authority, and to carry out, on behalf of the Authority, the Authority's obligations thereunder when all
conditions precedent thereto have been satisfied. The Loan Documents shall be in substantially the form
on file with the Authority and the approval hereby given to the Loan Documents includes approval of
such additional details therein as may be necessary and appropriate and such modifications thereof,
deletions therefrom and additions thereto as may be necessary and appropriate and approved by legal
counsel to the Authority and by the officers authorized herein to execute said documents prior to their
execution; and said officers are hereby authorized to approve said changes on behalf of the Authority.
The execution of any instrument by the appropriate officers of the Authority herein authorized shall be
conclusive evidence of the approval of such document in accordance with the terms hereof. This
resolution shall not constitute an offer and the Loan Documents shall not be effective until the date of
execution thereof as provided herein.
4907-0252-0715.2
2.03. In the event of absence or disability of the officers, any of the documents authorized by
this resolution to be executed may be executed without further act or authorization of the Board by any
duly designated acting official, or by such other officer or officers of the Board as, in the opinion of the
City Attorney, may act in their behalf. Upon execution and delivery of the Loan Documents, the officers
and employees of the Board are hereby authorized and directed to take or cause to be taken such actions
as may be necessary on behalf of the Board to implement the Loan Documents.
Approved this IIth day of February, 2026, by the Board of Commissioners of the City of
Monticello Economic Development Authority.
Presid t
T:
ve Director
4907-0252-0715.2 2